Charity number: 297897 Company number: 2109510 Army Flying Museum Llmlted IA Company Ilmlted by guarantee) Trustees. annual report and Consolldated flnanclal statements For the year ended 29th February 2024 Compass Accountants Llmlted Chartered Accountants and Statutory Audltors Venture House The Tannerfes East Street Tltthfield Hampshlre P014 4AR Amiy Flylng Museum Llmited Company number: 2109510 Contents Page Legal and administratlve Information Chalrman's Report Trustees, annual report (incorporating the Strategic Report) 3-14 Structure, governance & management Strateglc report Objectlves & activities Achievements & performance Flnancial revlew Plans for future periods Principal risks & uncertainties Statement of Trustees, responsibilities 15 Auditor's report to the Trustees 16-18 Consolidated Statement of financial activities 19 Consolidated balance sheet 20 Cash flow Statement zi Notes to the financlal statements 22-34 Army Flylng Museum Llmlted Company number: 2109510 Le8al and Admln15tratlve Informatlon Charlty number 297897 Company number 2109510 Reglstered Offlce Mlddle Wallop Stockbridge Hampshire S020 8FB Chief Executlve Lucyjohnson Trustees Major General IRetdl Neil Sexton CB IChairman} Slr Gary Coward (Chairman) (reslgned 21 July 2023) Colin Sibun (Vice Chairman) Caroline Hopkins (Treasurer) Paul Beaver Colonel Edward Butterworth {appointed 5 May 20231 Paul Edwards Colonel Jullan Facer {resigned 5 May 20231 JamesJohnson Colonel Brendan Shaw {appointed 5 May 2023) David Short Rhonda Smlth Company Secretary Andrew Slmklns Senlor Statutory Auditor Kerry Lawrance FCA Auditors and Accountants Compass Accountants Limited Venture House, The Tannerles East Street Titchfield Hampshire P014 4AR Bankers Royal Bank of Scotland Holts Farnborough Branch Lawrie House, Victoria Road FarnborouBh Hampshire GU14 7NR Pagè I Army Flylng Museum Llmited Company number: 2109510 Report of the trustees lincorporatlng the Dlrectors, report) for the year ended 29 February 2024 Chalrman's Report This is my first report as Chair of the Army Flying Museum having taken over from Slr Gary Coward in July 2023. After the challenges of 22-23, this has been a good year for the Museum for several reasons. Our visitor figures grew another 14%. we have seen education visits return to pre-pandemic levels and our trading company Is starting to generate more profit. Our annual pass scheme continues to gather momentum wlth many local famllles vislting over four time5 per year and building a relationship with the Museum. We have expanded our school holiday activities to include additional activities like model making with Model For Heroes and other third party providers like local farm visits, science shows and STEM companies. Saturday l July 2023 saw the third year of Wallop Wheels & Wings take place. The event was the blggest yet with 4,775 attendees and So aircraft flying in. We built new partnerships with Cadet groups, car clubs and other charities. The event delivered a reasonable surplus supporting the fundraising objectives of the Museum and helpin8 With our operatlonal costs. A big focus this year has been on community development. We have worked hard to create meanlngful relationships wlth local businesses, not only to create more income through corporate bookings but also to raise awareness of the Museum and what we do. We have reintroduced an outreach programme with local care homes and have been delighted to reinvigorate our offer for ScoutlGuide/BrownlelCub groups to support their Alr Activlties Badges. We are contlnuing to grow our Corporate Partners scheme and have been delighted to add GKN Aerospace to our list of partners this year. Our work with Leonardo has allowed us to develop a new STEM trail looking at the development of military aircraft and aimed at the 11-14 year old age group. We held anothersuccessful STEM Day for local secondary schools with over 150 participants. We have Introduced new events like The Brlck Event and Pre-school Pllots toddlergroup to help diversify our audience and have seen a widening of our catchment area. Our lectures now run monthly with a broad range of topics covered including more modern operations. We have also started to put on day-time talks and themed tours to offer more variety for our vlsitors. Sustainability has been an important part of our work thls year. We undertook a review of operations in the café to improve our green credentials and added recycling provision acr055 the Museum. Staff undertook Carbon Literacy training and we are ensuring our sustainability is embedded in future plans. We received funding to install a deflbrlllator for use by our local community and are working on plans to renovate our outside play area to make it more accessible. We are also, finally, looking forward to installing an Apache AH Mk.1 in the Museum this year- the final part of Project Eagle. The first gifting application was submitted 12 years ago and we are delighted that we will be the first museum in Europe to display one of these iconic aircraft. We've had a stron8 year, and it is imperative that we keep the momentum over the coming months to deliver an even stronger year in 2024- 25. Major General {Retd) Nell Sexton C8 Chalrman PaBe 2 Army Flylng Museum Llmlted Company number: 2109510 Report of the trustees {Incorporatlng the Dlreclors, report) for the year ended 29, February 2024 The Trustees present their report and the financial statements for the year ended 29, February 2024. The Trustees. who are directors of company for the purposes of company law and, who served during the year and up to the date of this report are set out on page l. The Trustee5 have had due regard to the guidance issued by the Charity Commission on Public 8enefit. Structure, governance and management Governlng Document The Museum is governed by its Memorandum and Articles of Association. Trustees are selected by the existlng Board from persons having an interest In the story of Brltish Army flying, heritage, conseNation and the local community and who have a particular skill or qualification which will add to the combined skills and experience of the Board of Dlrectors. Trustees are recruited to fill gaps in specific skill areas withln the Board. The Army Flying Museum Limited I'the Mu5eum'l wa5 incorporated as a private company limited by guarantee, and without share capital, in March 1987 when the exhibits of the former AAC Museum were donated to It as a basls for publlc dlsplay. The company Is also a reglstered charity Ino. 2978971. Appolntment of Trustees The articles provide for the ex-officio appointment of 3 seNing AAC officers as trustees. Remaining Trustees are recruited through advertising or recommendations. All trustees are interviewed for sultability before appointment. Selected trustees are a150 Directors of the Army Flying Museum Trading Company Limited, the Charit(s 100% owned subsidiary. The Trading Company carries out trading activities to generate profils that are Glft Aided to the Museum. The Museum is the ultimate holding company of the Trading Company. While the Museum exercises responsibility as shareholder of the Army Flying Museum Trading Company Llmited, the Trading Company board is solely responsible for all tra(ling decisions. Each trustee's liability in the event of Ilquldatlon of the trust is Ilmlted to £1 In accordance with Memorandum of Association. Inductlon and Tralnlng Newly selected trustees are briefed by the Chairman and CEO before taking up their appointment and partlclpate In annual Board Training. Governance arrangements. the subcommittee structure. and the role and conduct of trustees is the subject of a comprehensive paper that is based on Charity Commission, and other guidance and which is available to all trustees and issued to new trustees before taking up their appolntment. The obJects for which the Museum is established are to advance the education of the public prlmarily. but not exclusively, bythe provision of a public Museum recordin8 and exhibiting all aspects of flying Sn the British Army both past and present. Arrangements For Setting Pay and Remuneratlon of Key Management Personnel Rates of pay for newly ￿¢rUited staff are determined through analysis of the labour market for museum staff and affordability. Across the board annual pay increases are not awarded automatically, but according to affordability and Included in the forecast budget which is subject to Board approval before the start of the financial year. Individual staff members can be awarded modest increases by the CEO In recognition of outstandin8 performance or other exceptional circumstances. Page 3 Army Flying Museum Llmlted Company number: 2109510 Report of the trustees ITn¢orporating the Dire¢tors' report) for the year ended 29, February 2024 Publlc Beneflt Directors consider that they have complied with the duties expressed in Section 2llllbl of the Charities Act 2011 to have due regard to public benefit guidance as published by the Charities Commission. The activities undertaken by the museum throughout the year reached a significant audien￿ of all ages. The Museum has provided a seNice of great public benefit, offering an educatlonal, enjoyable and satisfylng experience through it5 displays, events and internet presence. Strateglc Report Museum activity over the last 12 months has been focussed on improvin8 the financial operatlon of the Museum and managlng the changes In consumer spending. We have seen another increase in visitor numbers and the number of free admissions has levelled out Icompared to increasing in previous yearsl. Trading activity this year was slightly better than forecast but expenditure costs have increased more than anticipated meaning activities have been less profitable than expected. Significant Increases have been seen in corporate hires and public event attendees. Thls year has been about consolldatlng the work carried out over the last five yeafs. really looking at how we operate and how we can improve. So much has changed over the last five year5 and it has been important to focus on the day lo day operations for a period of time. Oblectlves and activltles The oblect for whlch the Museum was establlshed is.. 'to advance the education of the public primarlly h￿t not excluslvely by the provision of a public museum recording and exhibiting all aspects of flying in the British Army both present and past,. ID additlon to thls charltable object. the Army sets objectives for its museums that include: Maintain and enhance the Armvs connection with society Present the countr￿5 military heritage and provide an academic research resource Contribute to the educatlon of chlldren and adults including educatlonal outreach and support for the National Curricula Educate, train and inspire the current generation of se￿iCe men and women. M155ion, Vision and Value5 Our Mlsslon Is: 'We tell the story of British Army Flying, Our Vlslon Is: Our vision is: (J sustuinable visitor (JttrGCtion and heritage custodAon of nationalsffgnificance. Page 4 Army Flylng Museum Llmlted Company number: 2109510 Report of the trustees {Incorporatlng the Dlrectors, report) for the year ended 29 February 2024 Our Values are: Enterprising Innovative Focussed Inspiring Collaborative Inclusive Strategy Management and Strateglc Plan The Museum's Strategic Plan 15 reviewed and approved by Directors annually in March for the following year and covers a period of 5 years. The strategic aim is to underpin future viability by developing a programme of continuous Improvement to the museum's Vlsitor Offer. Thls aim Is delivered through a number of balanced strategic aims, operational and development objectives contained within the Plan. Now that operation5 are more stable, the Board of Directors are currently looking to develop the next io year plan for the MuseLtm to ensure we keep lookin8 forward. SlgnSficant Actlvltles Undertaken Project Ea8le- the Development of the Museum. phase I (the buildlng of the Army Flyln8 Memorlall was completed in September 2017. Phase 2 Ithe modernisation of the Museum) was completed in April 2019 and the Actlvlty Plan was completed in December 2021. phase 3 (the future expansion of the Museum) is beinB considered by the Board of Trustees in their strategic review for 2024-2030. Beyond Project Eagle Project Eagle concluded In December 2021. Followlng this Investment, the Museum has made significant progress in non-project related activitie5 over the last 12 months. In particular: Medla- our social media presence continues to grow and is summarised below-. MEDIA Asat 2910212024 5,735 13.673 5,281 495 19,088 Asat 2810212023 5.259 ii,iii 3,576 321 18,895 % Change over year Twitter Followers Facebook Followers Instagram Llnkedln Mailing List 23% 47% 54% 1% Page 5 Army Flylng Museum Llmlted Company number: 2109510 Report of the trustees (Incorporatlng the Dlrectors, report) for the year ended 29 February 2024 Curatorlal Temporary exhibitions.. 'Palaces for the People= Prefabs of the Temporary Housing Programme 1944 to 1948, Ito 22105120231. 'Pageantry, Professlonalism and Pride- Preparing for a Coronation'12210712023 to 19111120231. Poppy art installation (November 20231. 'The Road to Ypres.. The War Photography of Olive Edls, (1011212023 to 30106120241. Cataloguing / audits: 5 Donations accessioned. 88 Items of Corps Property logged (February / March 20231. Creatlon of dlgltal folders for artefact images / documentation. Complete firearms audit IAugu5t 2023}. Small edged-weapons audit (Novemberl December20231. Enquiries.. 56 Interpretation.. Creation of a STEM Trail In collaboration with Leonardo. Artefact Social media post5 created for the marketing team. Loans: Loan of Scout handling wheels to Boscombe Down Aviation Collection. Volunteers: Engineers (aircraft maintenance / repairlng and buildin8 exhiblts / collections storage). Embley Cadets Itleanlng of aircraft and the exhibition spaces / gardening / poppy art installation / trail testing). Archives Enqulries and donations= Total enquiries: 198 Research visits= 12 Accepted donations: 58 Marketing: Blog p05ts'. 2- Hamllton E. HeNey MC Part l and Part 2. Hawkeye articles: 3- Autogyro, kout release to seNice, and Balloon Sections. Regular social media posts written for anniversaries and national days. Page 6 Army Flying Museum Llmited Company number: 2109510 Report of the trustees (Incorporatlng the Dlre¢toYs' report) for the year ended 29, February 2024 Other ta5k5.' Updatlngofthe PostWW2 Campaign screen. Continued cataloguing of donation backlog up to 2014. Retfospective cataloguing of the bookllibrary collection. Several oral history recordings completed, including recordings for temporary exhibitions. Retrospective cataloguing and rehousing of logbook collection. Negative collettioll surveyed by Lux and Livre and recommendations made - conseNation and digitisation work explored bL¢t cost too high currently. Wlll seek grants to undertake. Volunteers continued working in the archive: o EX-REME volunteers have been creating databases for AOP and AAC personnel. cataloguing the album collections, cataloguinB framed and print material. identifying negatives and maps in boxes, cataloguing the large negative collection. o A new volunteer has started scanning and cataloguing negatives. We have a volunteer transcribing oral history recordings. o We have a volunteer writing up AAC Squadron histories. Edu¢atlon and Learning In terms of Education, this has been the slowest recovery following Covid-19 but this year has seen a 17% increase and we are now back to pre-covid levels: 29 schools came on trips to the Museum - 1,249 pupils School Holiday Famlly Actlvlties Our school holiday actlvitles have become a focal point for local families with many returning each holiday with their annual pa55. We have developed these beyond the popular daily craft se55ions to include visiting activity providers Ifor example, a petting farm at Easter and reptiles for our camouflage theme) as well a5 other activities provided by the staff team like the Apache VR Headsets and model making. The programme is developed in conjunction with the curatorial and marketing teams. Easter Holidays 2023.. 874 particSpants May Half Term 2023.. 302 participants Summer Holidays 2023.. 1.874 participants October Half Term 2023.. 490 particlpants Christmas Holidays 2023124.. 340 participants February Half Term 2024: 512 partlclpants Outreach Outreach has been firmly embedded in the museum operations now. with a range of staff and volunteers working to deliver the different activities. The folkiwing Outreach events took place: Young Eagles Youth Group 5es5ions lin partnership with the Army Welfare SeNicel'. No of Young Eagles sessions.. 10 sessions No of Young Eagles participants.. 198 participants Pa8e 7 Army Flying Museum Llmlted Company number: 2109510 tb Report of the trustees Ilncorporatlng the Dlrectors, repDrt} for the year ended 29 February 2024 Pre-school Pilots Isessions for under-ss and their parentlcarerl No of Pre-school Pilot session5.' 10 sessions No of Pre-school Pilot participants.. 31X) participants Scout/Gulde groups etc and the number of participants Museum visits by Youth Groups= 164 participants Pop Up Museum events: No of events attended-. 4 events No of participants.. 500 participants lestimatedl Fundralsing Fundraising 15 a key part of the Mu5eum'5 operations. To keep the cost of fundraising down, the CEO provides the staff lead and ha5 the support of a part time Development Manager. She reports to the Development Committee that provldes guldance and support. The Commlttee comprises of Trustee, Staff and Volunteer representation. The Museum 15 registered with the Fundraising Regulator and the team abide by the Fundraising Code. The Museum's fundraising promise is linked to the website hti www.arm .com ro ect-ea fundraisin Fundraising activitles have concentrated on applications to grant making trusts. developing bu5ine55 relationships and major fundraising events. The Museum did not receive any complaints in the period. Fundralslng Events Fundraising continues in earnest with an aim of generating £40k surplus every year. We have refreshed the Development Committee and are focussed on building new business relationships, increasing the Corporate Partnerships scheme and putting on public events to help ralse funds whllst also increaslng awareness of the Museum. The Museum's flagship fundraising event, Wallop Wheels & Wing5, took place oll Saturday 13 July 2024 with an increased capacity of 5,000 and the event sold out for the fouith year running. We have built strong relationships with Salisbury. Wilton and Andover Rotary, Hampshi￿ Search & Rescue, and numerous Combined Cadet Force groups now and are extremely grateful for their support and the Support we receive from the Army Air Corps and Army Aviation Centre in order to deliver this event. This year, for the second year. we chose to bring the management of the event in-house with the Museum's MarketinB & Commercial Operations Manager taking the role of Event Manager (rather than bringing in a freelance Event Manager). This worked exceptionally well in terms of the Museum's ownership of the event and also greatly improved the profitability of the event. The Museum Lecture Programme The Museum has always had a popular lecture programme but In response to the Covld-19 pandemlc we developed the Lockdown Lectures which were broadcast online with a live Q&A. These launched in April 2020 and quickly grew In popularlty, and a grant from the Heritage Fund Emergency Fund In late 2020 allowed us to purchase our own live-stream equipment. Now, we live stream all our lectures as well as having a Ilve audience In the Museum, and we offer them to view on catch up too. We have also donated passes to watch ouronline lecture'box-5ets' to local care home5 for their residents. Pa8e 8 Army Flylng Museum Llmlted Company number: 2109510 th Report of the trustees lincorporatlng the Directors, report) for the year ended 29 February 2024 Name of Lecture Bomb Group An Evenirkg with Lady Carnarvon GieatAustralian Alr Race Aspilflre Named Corknie Burning Hoiizon Winkle Manna From Heaven Operation Time-Line-The Hunt for Dakota KN630 NavalAviator An Officer, NotA Gentleman Double Crossed Date 27.03.23 03.04.23 24.04.23 16.05.23 13.06.23 20.07.23 18.09.23 Name of Presenter Mike Peters Lady Carnarvon Philwilkinson Black Robertson julian Whippy Paul Beaver Tony Bray Attendee$ 38 85 20 31 20 118 32 Onllne 89 89 53 69 59 142 55 26.10.23 20.11.23 16.01.24 Paul Edwards Chris Taylor Man(ly Hlckson Brlan Woo(1 14 23 82 61 60 nla 26.02.24 41 55 Volunteers Volunteerin8 is a vltal part of the Museum operations. The volunteer teams are Engineerin& Archive. Educatlon and Tour Guides and we have over 40 active volunteers now. The roles our volunteers perform are invaluable to the running of the Museum and they often get involved in the wlder actlvltles too Ilike Wallop Wheels & Wings). A¢hlevements and performance Flnanclal Revlew The Museum. Café and Shop were open throughout the reportin8 period. YrD VISITOR NOS TICKET INCOME CAFÉ INCOME SHOP INCOME 29 FEB 2024 44,033 £293,680 £182,170 £78,664 28 FEB 2023 38,596 £238.536 £161,430 £66,531 28 FEB 2022. 35,396 £195,357 £119,673 £57,584 28 FEB 2021 ** 14,388 £95,093 £46,538 £31,066 29 FEB 2020 *** 36.282 £257,320 £188,984 £67,692 28 FEB 20194*** 23,568 £147,087 £142.183 £58,443 28 FE8 2018 30,354 £189,758 £146,681 £75,732 ' NB. The Mtsseum wos closed due to Covid 19from 01 Mar-16 Moy 2022 ° NB. The Museum wus closed due to Covid 19 oportfrom 13 Jul-04 Nov 20 and 04 Dec-23 Dec20 *** NB. The Museum wos closed In Morch 2019for relurbishment #*** N8. The Museum wa5 closedfrom Nov 18- Feb 19forrefurbishment Page 9 Army Flylng Museum Llmlted Company number: 2109510 Report of the trustees Ilncorporatlng the Dlrectors, report) lor the year ended 29, February 2024 subsidiary Undertaking The Army Flylng Museum Tradlng Company Llmlted is the 100% subsidiary of the Army Flying Museum Limited. The subsidiary operated the trading activities of the museum and covenants its profits to the Musetsm on an annual basis. Prlnclpal fundln8 Streams The principal funding streams into the Museum are threefold, as detailed below. All fundlng has been used in the appropriate manner to SUPPOrt the management objectives for the period. Income generatlon from tradlng and admlsslon actlvlty Includlng glft ald This income is directed towards the management of the Museum and the improvements required to develop the business. This year has seen an improvement in shop profit5. The café continue5 to be a challenge and is undergoing a full review in the coming year to inform its future viability. MOD support The MOD provldes support In 2 ways: Grant in aid. This totalled £65,056 for the year. Internal Business Agreement. Thls covers support Such as the provision of utilities and some maintenance and which the MOD value at £71,571 for the year. We also received an additional grant from the AAC Charity of £20,000 to support the employment of an Archivist and Archive Assistant, and we benefit from support from the AAC with the delivery of Wallop Wheels & Wings. Grants and donatlons Unless specified by the donor, grants and donations to the Museum are allocated to unrestricted funds. Tlcket Prlclnz A planned price increase was implemented in November 2023, and at that tlme we also Introduced an online price that was discounted from the on-the-door price. This was to help streamllne the vlsitor experience and to a150 ease the collection of customerdata. All full price tickets still provide an annual pass and we encourage visitors to a8ree to Gift Aid if they are able. TICKET Adult Child Concession Family Ila+2cl Family12a+2cl Under 5$ PREVIOUS PRICE £16.00 £9.50 £12.00 NIA £42.00 Free NEW ONLINE PRICE £17.00 £10.00 £14.00 £34.00 £48.00 Free NEW ON THE DOOR PRICE E20.00 £13. £17.00 £40.1)0 £60.00 Free Page 10 Army Flylng Museum Llmlted Company number: 2109510 Report of the trustees {Incorporatlng the Dlrectors, report) for the year ended 29 February 2024 Free Entry The Museum offers free entry to: AAC members Iplus their accompanying Spouse/Childrenl Army Air Cadets (when booked through the Army Air Corps) Serving British orcommonwealth Mllitary personnel on productlon of a MOD90 or equlvalent ID Card AAC Veterans with an AAC Veterans, As50Ciatlon Membership Card Carers who are accompanying people with disabilities Chlldren under 5 Reser¥es Pollcy The results for the period. and the companls financial position at the end of the year, are shown In the attached accounts. The agreements wlth the MOD continued to work well and are of enormous benefit to the Museum. However. MOD budget constraints continue to adversely affect the maintenance support for Phase l of the museum building (which is an MOD maintenance responsibilityl. This has resulted in Museum staff taking on some maintenance tasks and additional expense falling to the Museum. The Museum maintains a level of free reserves as mitigation against the operational risks listed in the risk register. Restricted reserve5 are used in accordance with their specified restrictions. Free 11.e. non- committed) reseryes are calculated on the basis of the excess of unrestricted funds over flxed assets. The mlnlmum level of the unrestrlcted reseNe Is determined by the requirement to provide some financlal mitigation of risks listed in the risk register. The most significant of these In flnanclal terms is the risk of income falling to a level that prejudices the Museum's viablllty. Due to the increased cost of living and rising overheads, the Trustees have reviewed the policy regardin8 free reserves and agreed to Increase the requirement to £200,000. At 29 February 2024 the level of the Museum's free reserves amounted to £201,15912023: £144.0741. Investment Poll¢y The Museum's investment policy is to hold its liquid assets in it5 bank accounts. Project Eagle reserves have largely been expended no significant sums are held in interest bearing accounts. Plans for future perlods Directors are reviewing the strategic plan for the Museum over the comlng year to determine the priorities for delivering the Museum's vision in the next 10 years. Revlew The strateglc plan Is reviewed annually. Key imperatives from this annual analysis are that we must.. consolldate our operatlonal and resource positlon following Project EAGLE. address our outstanding infrastructure issues. continue to build up our fundraisin8 capability. continue to press and plan for the installation of an Apache. consider our options for further development durlng the next strategic period127-331. Page 11 Army Flylng Museum Limlted Company number". 2109510 Report Page 19 Army Flylng Museum Limlted Company number: 2109510 Consolldated Balance Sheet as at 29th February 2024 Group 2024 Group 2023 Charltv 2024 Charltv 2023 Notes Flxed assets Tangible assets Herttage assets Investments 13 14 15 1,647,627 10,000 1,897,855 10,000 1,646,855 10,000 loo 1.884,362 10,000 loo 1,657,627 1,907,855 1,656,955 1,894,462 Current assets Stock5 Debtors Cash at bank and in hand 13,591 27,765 407,182 13,054 10,979 362,018 16 42,896 382,982 19,346 330,662 448,538 386,051 425,878 350,008 Credltors: amounts falllng due wlthln one year 17 151,9271 140,9271 163.4251 133,2801 Net current assets 396,611 345,124 362,453 316,728 Net assets 2.054,238 2,252,979 2,019,408 2,211,190 Funds Unrestricted funds Restrlcted funds Revaluation reserve Non Charltable Trading funds 914,411 764,215 340,782 34,830 878,160 992,248 340,782 41,789 914,411 764,215 340,782 878,160 992,248 340,782 18 Total funds 2,054,238 2,252,979 2,019,408 2,211,190 The flnanclal statements have been prepared In accordance wlth the provisions applicable to Companies subjecl to the small companies, regime. The financial statements were approved and authoilsed for Issue by the Board and slgned on Its behalf by Major General Nell Sexton CB Chalrman Caroline Hopkln5 Treasurer Date: Date: The notes on pages 22 to 34 form an Inte8ral part of these flnanclal statements. Page 20 Army Flying Museum limitsd Company number: 2109510 Cash flow statement th for the year ended 29 February 2024 Group 2024 Group 2023 Cash flows from operatlng actlvltles: Net cash provided by {used In) operatlng actlvltles 42,018 136,0321 Cash flows from investing artlvltles: Interest income Purchase of lixed assets 4,830 11,6841 1,168 11.0991 Net cash provlded by (used In) Investlng actlvltles 3,146 69 Increaselldecreasel In cash and cash equlvalents In the year 45.164 135,9631 Cash and cash equlvalents at l March 2023 362,018 397,981 Cash and cash equlvalents at 29 February 2024 407,182 362,018 Net itt¢ome/expenditure for the reportin8 period Depreciation and impairmet)t Income from Investments Decrease/llncreasel in slocks Decrease/llncreasel in debtors IncreasellDecreasel in creditors 1198,7411 251,912 14,8301 1537 116,786 11,000 1310,9521 254,822 11,1681 51 23.888 12,6731 Net cash provlded by (used Inl operating actlvltles 42,018 136,0321 Page 21 Army Flying Museum Lim5ted Company number: 2109510 Notes to flnanclal statements for the year ended 29th February 2024 Accounting pollcle5 1.1. Charlty Information The Army Flying Museum Limited is a private company Ilmited by guarantee and Incorporated in England and Wales. The registered office is the Army Flylng Museum. Army Aviatlon Centre, Mlddle Wallop, Stockbridge, Hampshire. $020 8DY. The Army Flying Museum Limited meets the deftnltlon of a publi¢ benefi¢ entity vnder section 34 of FRS 102. Assets and liabllltles are Inltlally recognSsed at hlstorical Cost tsr transaction value, unless otheiwise stated in the relevant a¢countlng policy. The principal objectlves of the charlty are detaSled In the Trustees report. 1.2. Basls of preparatlon of finan¢ial statements The flnancSal statements have been prepared In accordance ￿th Accountln8 and Reportin8 by Charities: statement of Recommended Practice applicable to charities preparing theii accounts in accordance w5th the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 102115ssued In October 20191 (Charities SORP IFRS 10211, the Financlal Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021 and the Companses A¢1 2006. The finantial statement5 are presented In sterllng whlch Is Ihe funcllonal currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The ¢on501idated financial statements incorporale ihe results of the Army Flying Museum Llmlted and of its subsidiary, Army Flying Museum Tradlng Company. The Consolldated Statement of Financial Activities includes the results of the trading subsidiary as sinele line items. The consolidatèd Balance Sheet includes the net assets of the trading subsidiary on a line by line bas15. A separate statement of flnanclal actSvlties and Income and expendlture account are not presented for the ¢harii¥ itself following the exemptlons afforded by Sectlon 408 of the Companies Act 2006. Incoming resources All incoming resources are included In the SOFA when the company Is legalfy entitled to the income and the amount can be quantified wlth reasonable accuracy. and it is probable that the income will be recelved. The following pollces are applied to partlcular categories of income: Income from tradlng actlvltles reprèsertts monles re¢eSved lex¢lu5ive of Value Added Tax) from shop and restaurant sales durlng the year. All donations are accounted for on a recelvable basls. Separate reserves are maintained for restricted fund5 in accordance wlth thè Charltlès Act 2011. Grants re￿1vable are accounted for when recelved and are Sncluded under the headlnB of donallons. Sèrvlces dorbated by the Mlnlstry of Defence Is the value of the services of staff and facllitie5 paid dlrectly by the Ministry of Defence. These have been included on a cost basis In the accounts. Grant in aid Is a donation from the MlnSstry of Defen￿ towards employment Costs. Investment income is recognlsed on a recelvable basls. 1.4. Governance costs Governante ¢¢sis include Costs of the preparation and examination of the statutoryaccounts, thec05t of Trustee meetings and the cost of any legal advice to Trustees on governance or constitutlonal matters. Page 22 Army Flylng Museum Llmlted Company number: 2109510 Notes to financlal statements for the year ended 29th February 2024 1.5. Resources expended All expenditure is accounted for on an accruals basts and has been dasslfied under headlngs that aggreeate all costs to the category. Where costs cannot be diiectly attributed io particular headlngs they have beèn allocated to actlvltles on a basls consistent wlth use of Ihe resources. Basls of allocatlon Costs of generating funds compiise costs incurred in encouraging people and organisations to contribute financially to the charity's work ahd to promote the Army Flying Museum as a vlsitor attractlon. Support ¢0Sts include central fun¢tions and have been allocated to Cost cate8ories on a basls con515tentwlth the use of resources. 1.7, Irrecoverable VAT Irrecoverable VAT has been Included as a cost of charltable activities. 1.8, Flxed assets Individual fixed assets costin8 £1,000 or more are initially recorded at cost. 1.9. Herltage assets The Arrny Flying Museum holds In trust artefacts comprising its collection. The collection5 have not been Included In the financlal statements due to thelr hlstoric and inallenable nature and due to the speclflc and individual nature of the artefacts held, It is not belleved to be possible to obtaln a relSable value of the collection wlthout Incurrlng a cost dSsproporilonatè to the benèflt of thè information reported to the reader5 of the accounts. Assets acqulred prlor to I" April 2000 have not been capltallsed and Included in the accounts but with effect from I" Aprll 2000, addltlons to thè collealon with a cost in excess of E5,000, have been capitalised. These assets are not revalued or depreciated. Herltage assets donated to the Museum wlth a value In excess of £5,000 are included in the accounts on the basis of internal valvations. The Collectlon The rnaln museum ¢olle¢tlon Comprlses alr¢raft, vehicles, equipment, uniform5, meda15, weapons, artwork and ephemera. It 3150 includes an archiveof documents, books, photographs, photographic negative5. albums, slldes and film. The collection, whlch numbers many hundreds of thousands of items, contains material whlch has a unique provenance relallng to BritSsh Army Flying. Information regar(ling cost of value of this collection is not readily avallable and the charity considers that the cost of obtaining such valuation for the collection of assets held 15 significant, and is not commensurate with the benefit obtained by includinB the additlonal capit3llwd value in the financlal statements. Pollty for the acqulsltlon* presèrvatlon, mana¥Éfflènt artd d15POsal of herlta8e a55et5 Acquisition and disposal of Items in the collection is governed by its Collections Development Policyl20161 whlch is based on an approved template provided by Arts Councll EnEland. It takes Into account the Museum Assoclatlon Code of Ethics. Documenting. The Museum's approach to documenting the collection is stated in its Collections Documentatlon Policy120161 and is formalised In a forward plan of work. It operates a system which meets Spe¢trum basi¢ standards Inclliding entiy, exlt and transfer of tltlè forms. accession records and inventories. Conservation. The Museum's approach to con5eTving the collection is stated in its Collections Care and Conservation Pollcy120161 and Is formallsed in a plan of work forward. Work In this area is undertaken by Staff, volunteers under the supervlslon of stsff or speclallst ￿ntractorS. Pa8e 23 Army Flylng Museum Llrnlted Company number: 2109510 Notes to flnancial statements th for the year ended 29 February 2024 Acce55. The Museum's approach to providlng acce55 to collectlons 15 Stated in its Access Policy120161. The collecllons, and Ihe informatlon held therein. Is made avaSlable through permanent and temporary exhibitions, webslte features, loans to other orBanlsations and an enquiries servlce. Members of the public can also access material by appointment. Access is only limited where legislation requires it. Memorlal Wall The Museum commis51oned and built a memorlal wall, completed In 2017, to comrnemorate those that have lost their Ilves in the service of British Army Flying however this is not ton5idered to be a heritage asset as defined by FRS 102. 1.10. Depreclatlon Depreciation 15 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over the expected useful economic life as follows.. Museum dlsplays & equlpment- 13% & 25% straight line basis Leasehold property- Over the life of the lease Leasehold improvements- 10 or 25 years Shop & kltchen equipment- 20% Stiai8ht Ilne basi5 1.11. Investments FSxed asset Invèstmènts are Included at market valuè at the balartce sheèt date. Realised gains and losse5 on investments are calculated as the dlffeTence between sales proceeds and thelr market value at the start of the year, or thelr subsequent cost, and are Charged or credited to the statement of flnanclal activities In the period of disposal. Unrealised gains and 105ses represent the movement in maTkel values during the year and are ¢redlted or charged to the statement of nnancla5 actlvltles based on the market value at thè year Ènd. 1.12. Flnanclal Instruments The Museum has elected to applythe provlsion5 of Section 11'8asic Financial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS102 to all of Its financial Instruments. Finantl81 Instruments are recognlsed when thè company becomès party to the Contractual provlsions of the Instrument. Flnanclal assets and Ilabllities are offset, wlth the net amounts presented In the flnanclal statements. when there is a legally enforceablè right to set off the ré¢o8AisÈd amounts and there is an intentioh to settle on a net basis or to realise the asset and settle the Ilability simultaneously. Thè Museum's flnanclal assets and Ilabllltles conslst of cash and cash equivalents, shortterm investments, trade debtors, trade credltors and attrued expenses. The falr value of these items approximates their carrying value. due to thelrshort term value. ljnless otherwise noted, the Museum is not exposed to slgnificant interest, foreign exchange or credit rlsks arlslng from these Instruments. Term deposits of less than one year are classilled as Investments within turrent assets. 1.13. Stocks Slock is valued at the lower of ¢ost and net realisable value, after due iegard for obsolete and slow moving stocks. Net realisable value is based on selling price le55 anticipated costs to completion and sellin8 costs. 1.14. Leased assets Renta15 applicable to OPPTatln8 leases are charged to the Statement of Financial Activilies as incurred. Page 24 Army Flying Museum Limited Company number: 2109510 Note5 to flnanclal statement5 th for the year ended 29 February 2024 1.15. Fund accountlng pollcv Unrestricted income funds aregeneiallyfunds thai are avallable for use at the Trusiees dlscretlon In futheran¢e of the oblectives of the charitv. Restrl¢ted funds alè thosè donated for use In a partlcular area or for speclflc purposes, the use of whlch Is restricted to that area or purpose. Further detalls of each fund are dlsclosed In note 19. 1.16. Re5trlcted funds Restricted funds are to be used for specified purposes as laid down by the donor. Expenditurewhlch meets these criteria 15 identified to the fund, together with a falr allocation of overheads and support ¢osls. Unrestricted funds are donations and other incoming resource5 received or generated for the charitable purposes. 1.17. Going concern The flnanclal statements have been prepared on a golng concern basis as the trustees believe that no materlal uncertalntles exist. The trustees have considered the level of funds held and the expected level of income and expendlture for 12 months from authoTising these financial statements. The budgeled income and expenditure Is sufhcient wilh the level of reserve5 for the charity to be able to continue as a going concern. 1.18. Temiinatlon beneflts The Museum recognises a liability for termination benefits at the point where the BTOUP is committed to making the payments In return for employee redundancv. Penslon costs The company operates a definod tontrlbutlon pension scl)eme. The penslon cost for the perlod represents contributions payable by the charity to the scheme and amounted to E8,10212023- £6,880). Contrlbutlons totalllng £66012023.. £5761 were payable to the scheme at the end of the perlod and are Included In creditors. Page 25 Army Aylng Museum Limited Company number: 2109510 Notes to flnanclal statements for the year ended 29th February 2024 Income and expenses from tradlng actlvltles of subsldlaries The charlty has a wholly owned trading subsidiary which 15 incorpofated in the United Kingdom, Army Flying Museum Tradin8 Company Llmlted. Proflt and Loss Account 2024 2023 Turnover Cost of sales 265,125 1107,8531 235,781 1225,2961 GTOSS Profit Sundry income Overheads 157,272 426 1149,103 10,485 14,9S8 124,3171 Net profit/llos51 before tax Amount gllted to The Army Flylne Museum 8,595 115.554 1,126 14,7211 Profitlllossl for year bèfore taxatlon Taxation 16,9591 3,5951 Relained profltlllossl for the pèrlod 16,9591 13,5951 Retained profit brought forward 41,789 45,384 flelained profit carried forward Called up Ordtnary Share Capital 34,830 IcKs 41,789 100 Capltal and reserves 34,930 41,889 Grants and Donatlons Durlng the year the following grants and donations were received.. Unrestrirted Restrl¢ted funds funds 2024 Total 2023 Total Grant In Ald Servlces provlded by Ministry of Defence 65,056 71.571 65.056 71.571 80,450 71,571 136,627 136,627 152,021 Other grants and donations: General donations 9,391 23.080 32,471 15,873 9,391 23,080 32,471 15,873 In 2023 £159,653 were restricted funds with £8.241 being unre5tficted fund5. P•ge 26 Army Flylng Museum Llmlted Company number: 2109510 Notes to flnanclal statements th for the year ended 29 February Z024 Attlvitles for 8enerailng funds Unrestrlcted funds Restrlcted funds 2024 2023 Museum Admisslons Glft ald tax claimed Hire of museum facilities Speclal events Sponsorship 307,007 59,105 34,107 112,221 20,961 307,007 59,105 34,107 112,221 20,961 238,664 47,858 26,041 79,345 533.401 533,401 391,908 All the Sncome for 2023 were unfestricted fvnd5 Investment income Unrestrl¢ted Restrlcted funds funds 2024 2023 Dividends and interest 2.471 2,359 4,830 1.168 2,471 2,359 4,830 1,168 In 2023 £575 were restricted funds wlth £593 boln8 unrestricted funds Other In¢oming resources Unrestrlcted funds Restrlcted funds 2024 2023 Museum & Galleries Exhibition Tax Relief IMGETRI Insurance clalm 756 6,769 6,769 6,769 6,769 756 All the income for 2023 were unrestricted funds Cost of generatlng funds Unrestritted funds Restrlded funds 2024 2023 Shop and restaurant expenseg Event Expenditure 256,956 58,025 256.956 58,025 249,614 63,342 314,981 314,981 312,956 All the expenditure for 2023 were unrestfl¢ted funds Page 27 Army Flylng Museum Llmlted Company number: 2109510 Notes to financial staternents th for the year ended 29 February 2024 Cost5 of charltable actlvltles Unrestrlcted Restrlcted funds funds 2024 2023 Staff costs Costs paid by Ministry of Defence staff tralnlng Outreath costs Repalrs and maintenan Computer expenses Hire of plant and machinery Travel and subsistence Unattributable VAT Professlonal lees Depreciatlon Loss on dlsposal of assets Offl¢e costs Advertising & promotion cosis Bad debt expense Governance and support costs 295,038 85,056 71,571 888 380,094 71,571 2,180 1,403 44.919 15,328 10,529 1,732 11,672 12.750 238,073 1,118 16,293 14,633 25 41,089 362,602 71,571 1,396 1,571 21.276 14.435 8.634 1,887 8.663 12,465 238.776 1,292 1.403 30,489 15.328 10.529 1,490 11,672 11.610 21,301 1,118 16,293 14,633 25 41,089 14,430 242 1,140 216,772 15.460 16,379 96 35.250 473,310 390,099 863,409 810,461 In 2023 £376,538 were restricted funds with £433,923 belng unrestrlcted funds 10. Governance and support costs Governance cost5 Z024 2023 Govornancè costs Staff costs Auditors rernuneration Costs of frustees meetings 30,543 3.60D 776 30,543 3,600 776 24,953 3.550 159 Support C05ts Bank charges and interest 6,170 6,170 6,588 41,089 41,089 35,250 Pa8e 28 Army Flylng Museum Limited Company number: 2109510 Notes to financlal statements th for the year ended 29 February 2024 11. Audltors, remuneratlon 2024 2023 Auditors, remuneratlon- audlt of the flnancial statements 3,6CKI 3,550 Auditors, remuneration- other fees- Preparation of statutory accounts and payroll Taxatlon services Consultancy and advice regarding VAT and other charity matters, Including MGETR 4.870 265 1,638 5,093 265 1.545 6,773 6,903 12. Employees 2024 2023 EmployeÈ ¢tssts WaEe5 and salaries Soelal security costs Pension costs Redundancy costs 486,372 27,987 8,102 449,308 24,807 6,880 5,033 522,461 486,028 Including the Chief Executive Officer, the average number of employees, anaty5ed by funclion, was.. 2024 2023 Management staff Museum staff li 20 li 19 31 30 No employees reteived termination benefits in the year12023- Two employee5 received iermlnation benefits totalling £5,033). No trustees re¢eived remuneration durlng the period, no trustees were reimbursed for expenses12023- Nill. No employees receSved remuneratlon of more than £60,000 durlnÈ the year12023: Nill. Key management personnel Employee benefits re￿IVed by key management personnel total E47,018 12023= £44,0881 which included Èmployers, natlonal in%urancÈ Contributlons. Page 29 Army FlylnE Museum Llmlted Company number: 2109510 Notes to financial statements for the year ended 29th February 2024 13. Tanglble flxed assets Group Leasehold Property Shop & Kltchen Museum Dlsplays & Improvement Equlpment & Equlpment HerltaBe Assets Total Cost At l March 2023 Additions Disposals 1.482,824 129,150 1.834,251 1,684 17,597 10,000 3,456,225 1,684 28,777 11,180 At 29 February 2024 1,471,644 129,150 IA18.338 10,000 3,429.132 Depreciatlon At l March 2023 Charge for the year Ellmlnated on dlsposal 420,904 18,435 10,062 115,657 12,721 1.011,809 219.638 17,597 1,548,370 250,794 27,659 Al 29 February 2024 429,277 128,378 1,213,850 1,771,505 Net book values Al 29 February 2024 1,042,367 772 604,488 10,000 1,657,627 At 28 February 2023 1,061,920 13,493 822,442 10,000 1.907,855 Charlty Leasehold Property Museum Dlsplays & Improvement & Equlpment Herltage Assets Total Cost At l March 2023 Addition5 Dlsposals 1.482,824 1,834,251 1,684 17.597 io.cx)o 3,327,075 1,684 28,777 11,180 At 29 Febrvary 2024 1,471,644 1,818,338 10,000 3.328,759 Depreclatlon At l March 2023 Charge for the year Ellminated on disposal 420,904 18,435 10.062 1,011.809 219,638 17,597 1.432.713 238,073 27,659 At 29 February 2024 429,277 1,213,850 1,643,127 Net book values At 29 February 2024 1,042,367 604.488 10,000 1,656,855 At 28 FebFuary 2023 1,061,920 822,442 10,000 1,894,362 Revaluatlon of flxed assets The leasehold property was restated at open market value at 31 March 1993 and subsequently reduced bv depreciation on that value. Page 30 Army Flying Museum Llmlted Company number: 2109510 Notes to flnanclal statements th for the year ended 29 February 2024 14. Heritage assets Total Cost At l March 2023 and 28 February 2024 10,000 Five year summary 2024 2023 2022 2021 2020 Additions Purchases Donatlons 15. Flxed asset Investments Charlty Unllsted Charlty Total Cost At l March 2023 and 28 February 2024 loo loo Unllsted Snvestmenls represents 100% of the issued share capital of Army Flyln8 Museum Tradlng Company Limited. 15.1. Investments held The company holds 20% or more of the share capital of the following companies.. Nature of buslness Shères held % of shayes class held Companv Army Flyin8 Museum Trading Companv Llmited Commercial activitie5 of ihe parent company OTdlnary loo% 16. Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Amounts due wlthln l year: Trade debtors other taxès and social securlty Other debtors Accrued Income 9,976 2,413 9,976 2,413 6,019 6,769 5,001 5,245 5,596 22.323 5,001 5,002 4,721 3,321 3.889 Piepayments Amount owed by gloup undertaklngs 3,321 27.765 10.979 42.896 19,346 Pa8e 31 Army Flylng Museum limited Company number: 2109510 Notes lo flnanclal statements for the year ended 29th February 2024 17. Creditors". amounts falllng due wlthln one year Group 2024 Group 2023 Charlty 2024 Charltv 2023 Trade creditors Other taxes and social security Other trèdltors Accruals and deferred income Amount owed to group undèrtakln8S 6,683 15,293 4,164 25,787 1,903 13,321 4,766 20,937 5,999 14,812 1,906 22,087 18.621 1,071 13,321 1,651 17,237 51,927 40.927 63,425 33,280 18. Restrlcted funds l March 2023 Incomlng Outgolng Transfers 28 February 2024 Grant In aSd Mlnisiry of Defence services provided Project Eagle development fund Memorlal Garden & Wall fund Cannon dlsplay fund Other restricted funds 4,933 85,056 71,571 2,359 185,0561 171,5711 1223,7021 17,0001 4,933 971,456 10,432 4,472 955 750,113 3,432 4,472 1,265 3,080 12,7701 992.248 162,066 1390,0991 764,215 l March 2022 Incomlng Outeolng Transfers 28 Fpbruary 2023 Grant in aid Mlnlstry of Defencè servlces provided HerltagÈ & Archive appeal fund Project Eagle development fund Memorlal Garden & Wall fund Cannon display fund other restricted funds 9,000 80.450 71,571 184,5171 171,5711 11,2831 1217.9951 4,933 1,283 1.188,876 4,432 4,472 495 575 6,IKIO 971,456 10,432 4,472 955 1,632 11.172 1,208,558 160,228 1376,5381 992,248 The Grant In Ald fund Is a grant from the Mini51ry of Defence heritage branch for employee5, salarles. The Mlnlstry of Defence servlces provlded fund represents expenses pald by the Mlnlstry of Defet)ce as part of the oneolng IBA agreement In place between the Museum and the Ministry of Defence. The HeTlta8e and Archive appeal fund has been set up to fund archlve and dlsplay prolects. The donor of the fund has agreed that the donatlon Can also be used for ihe developmeni project if requlred. The Project Ea81è dÈveltspment fund represents funds raised towards phase11 of Project Eagle. PaBe 32 Army Flying Museum Limited Company number: 21D9510 Notes to financlal statements th for the year ended 29 February 2024 The Memorlal Wall fund represents funds donated for the building of a wall to commemorate those that have lost their live5 In the service of 8rilish Army Flying at a cost of £310,000. The Cannon Dlsplay fund represents a donatlon from Major R.W Hogarth R.A (Retired) for the purpose of maklng a sultable display cablnet for a scale model of a Waterloo Nine Pounder Cannon. Sufflcient resources are held to enable each fund to be applied in accordance with any restrlctions. 19. Analysis of nei assets between funds TanBlble Flxed Assets Net Current Asseis 2024 Unrestricted funds Restrlcted fund5 1.054,034 602,821 201,159 161,394 1,255,193 764,215 1.656,855 772 362,553 34,058 2,019,408 34,830 Non charltable tradlng funds 1,657,627 389,842 2,047,469 Included in the above hguies Is the revaluation feserve.. Revaluatlon reserve 340.782 340,782 TanKlble F5xed Assets Net Current Assets 2023 Unrèstrlcled funds Restricted funds 1,074.868 819.594 144.074 172,654 1,218,942 992,248 1,894,462 13,393 316,728 28.396 2,211,190 41,789 Non charitable trading funds 1,907,855 345,124 2.252,979 Included in the above figure5 Is the revaluation ￿serve. Revaluatlon reserve 340,782 340,782 20. Commltments and contingent liabilitles Thè tharity had capital ¢ommitments contracted for but not provided for Sn the linanclal statements amountin8 to £Nil12023.' ENill. There were no contingent liabilitles at 29, February 202412023: £NIII. Pa8e 33 Army Flylng Museum Llmlted Company number: 2109510 Notes to financlal statements for the year Ènded 29th February 2024 21, Taxation All of the charity's income is applSed for charltable purposes and therefore the charity is exemptfrom corpor?tlon tax. The charlty's tradlng subsldlary had a corporation tax liabillty of £Nil as at 29, February 2024. 22. Related party transactlons There were no related pariy transactions. 23. Ultlmate controlllng partv The uliimate controlling party Is the Board of Trustee Olrectors. 24. Analysls of changes In net funds Group Openln8 balan Cash flows Closlng balance Cash at bank and in hand 362,018 45,164 407,182 Net funds 362,018 45,164 407,182 25. Flnanclal Instruments The ¢arryln@ amounts of the group'5 finantial instruments are as follows.. 2024 2023 Flnanclal assets Debt instruments measured at amortlsed cost.. Trade debtors (note 161 Other dèbtors (note 161 9,976 6,019 2,413 5,245 15,995 7,658 Flnanclal Ilabllltles Measured at amortlsed Cost.. Trade creditors (note 171 Other taxes and soclal security (note 171 Other ¢reditors (note 171 6,683 15,293 4.164 1.903 13,321 4,766 26,140 19,990 Page 34